American Free Enterprise System

American Free Enterprise System

10th - 12th Grade

34 Qs

quiz-placeholder

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American Free Enterprise System

American Free Enterprise System

Assessment

Quiz

Social Studies

10th - 12th Grade

Practice Problem

Medium

Created by

Jacob Dawson

Used 298+ times

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34 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The money left after production costs are subtracted from revenue is called

Free rider

Profit

Subsity

Scarcity

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A person who chooses to, and is free to, open a grocery store is participating in a

command economy

centrally-planned economy

free enterprise economy

traditional economy

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Most people are inspired to start a business by the

free contract clause

marginal benefit

open opportunity clause

profit motive

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the role of producers?

make the product

buy the product

carry out government program

increase the profit of other retail stores

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which is an example of competition changing the marketplace?

a chain bookseller forcing many individual booksellers to go out of business

a chain hot dog restaurant failing to make a large profit

a chain coffee shop having no effect on individual coffee shops

a chain restaurant expanding its menu to include desserts

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Free contract means that people can chose

for themselves what legal agreements to enter into

for themselves what positive externalities to support

to enter and compete in the marketplace

to enter into open opportunities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The incentive to improve material well-being by seeking to gain from economic activities is called

legal equality

marginal benefit

open opportunity

profit motive

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